Saturday, 8 July 2017

Qatar is rich enough to face threats of the blockade – Minister

Qatar’s finance minister has said that the economic fundamentals of his country were in a better position than its rivals and that Doha was rich enough to face threats of the blockade.

Saudi Arabia, Bahrain, the United Arab Emirates and Egypt to Qatar a month ago, accusing it of funding “terrorism” and spreading unrest.Qatar has denied allegations and in whole with a list of demands.

Speaking to The Times newspaper, Ali Sharif al-Emadi, said the state’s huge financial reserves, built on the sale of natural gas over decades meant it could withstand sanctions.

“We have sovereign wealth funds of 250 per cent of gross domestic product, we have Qatar Central Bank reserves, and we have a ministry of finance strategic reserve,” he told The Times newspaper.

Although credit ratings agencies have downgraded Qatar’s assessment of its financial outlook, al-Emadi said the country was rich enough to sustain despite sanctions.

He even compared his country with the status of Saudi Arabia, the United Arab Emirates (UAE), Bahrain and Egypt.

“Bahrain and Egypt are at junk bond level,” he said.

“If you look at Saudi Arabia, they are having genuine issues with their finances. We are the fastest-growing country in the region, 40 per cent faster than the nearest Gulf Co-operation Council country [the UAE].”

Protect Qatar

Qatari Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani said the country will do “whatever it takes to protect our people”, as he accused the Gulf states of trying to undermine his nation’s sovereignty.On Monday, Qatar delivered its response to a from Saudi Arabia and the three other Arab countries that cut have ties with it and imposed a land, air and sea embargo amid a .

They also ordered Qatari citizens to leave their territories and took various steps against Qatari firms and financial institutions.

On June 22, they issued a 13-point list of demands, including the shutdown of Al Jazeera, as a prerequisite to lift the sanctions, which include the closure of Qatar’s only land border and suspension of all flights to and from the country.

Saudi Arabia and its allies now consider the demands, sent via mediator Kuwait, “null and void” as the Qatari government had “thwarted all diplomatic efforts to resolve the crisis”, the statement added.

Earlier on Thursday, the US state department warned that the Gulf crisis is at an impasse and could potentially or even months.

The US believes the crisis could “possibly even intensify”, Heather Nauert, the spokesperson for the State Department, said.

Later on Thursday, a State Department statement said Secretary of State Rex Tillerson will be travelling to Kuwait on Monday to discuss efforts to resolve the Gulf crisis.